Debt Statement definition
Examples of Debt Statement in a sentence
As soon as reasonably practicable, but in no event later than sixty (60) days, after the Closing, the Parties shall jointly procure that the Company prepares, and delivers to Purchaser, in accordance with the Accounting Principles, a statement, in the form of the Benchmark Net Debt Statement and Benchmark Working Capital Statement, containing a calculation of the Net Debt and Working Capital as of the Closing Date (the “Closing Statement”).
The Purchase Price is based on the Net Debt Statement of the Company according to Article 3.1 (a) above.
Any Dispute Notice shall be accompanied by a statement (supported, so far as reasonably practicable, by reasonable evidence) of the adjustments which the Vendor considers should be made to (a) the Completion Accounts and/or the Variable Intra-Group Debt Statement, and/or (b) the adjustments to the Working Capital Benchmark set out in the Benchmark.
If the Vendor and the Purchaser fail to agree the Completion Accounts, the Variable Intra-Group Debt Statement and the Working Capital Benchmark by the expiry of the 30 Business Day period referred to above, any matter in dispute may be referred by the Vendor or the Purchaser to the Independent Accountants (acting as experts and not as arbitrators).
The Net Debt Statement will include all elements of the Net Debt Amount as set out in the pro forma in Part 3 of this Schedule 9 which, for illustrative purposes, has been populated with the relevant financial information as at 31 October 2014.
The Buyer and the Buyer’s accountants on the one hand, and the Sellers’ Representative and the Sellers’ accountants on the other, will be entitled to review all of the books, records and papers of the other of them as they relate to the Target Group and which are relevant for the purposes of preparing or, as the case may be, evaluating the Net Debt Statement and Working Capital Statement.
The Minority Interest Sales shall have been completed and the Minority Interest Dividends shall have been declared prior to the date of delivery of the Net Debt Statement in accordance with the terms of this Agreement.
Buyer shall have ten (10) days to review and file any objections to the calculation of the Closing Date Net Debt Statement with the Seller.
Employee sale bonuses accrued as a result of the Transaction and not paid on or before Completion shall be included in the Actual Net Debt Statement.
The only grounds upon which the Vendor shall be entitled to dispute the Completion Accounts and/or the Variable Intra-Group Debt Statement are mathematical errors in the computation of the Working Capital Amount or Variable Intra-Group Debt or a failure by the Purchaser to prepare the Completion Accounts and/or the Variable Intra-Group Debt Statement in compliance with SCHEDULE 10 (Completion Accounts and Variable Intra-Group Debt Statement).